Top 3 Benefits of Using a Payroll Service

Posted on by LBS Tax

Payroll can be time consuming. Employees come up with questions you don’t have a quick answer for, causing you to make time to research the answer. Mistakes or missed punches create a hassle. Needing the ongoing time to process time cards while balancing the pressure of other management duties can easily become overwhelming. Having a payroll service in Chandler eases this important burden, freeing up managers and supervisors to focus on daily business.

1. Keeping up with Payroll Laws

When it comes to state and federal laws, there is a lot to know about payroll. Hours and rates of overtime, changes to tax withholdings and the like are often adjusted from year to year. Not keeping up could cause a company to have to pay penalties. Not having the right pay information could also create a situati
on where employees need to be compensated for backpay or where they have been overpaid. Either situation can become very unpleasant for the employees and the company. A payroll service has the knowledge and expertise to make sure this doesn’t happen.

2. Correct Tax Reports

Small businesses often payout hefty penalties for inaccurate or untimely taxes. Taking the time to accurately gather and report tax information to the IRS is a job in itself. Having a payroll service alleviates the need for a company to track and report this information. When it comes time to report taxes, you will have the information ready and be assured it is accurate.

3. Ongoing Support that Won’t Leave

Having a payroll service is like having a help-desk at the other end of the phone. You can call and get answers to payroll laws, specific hours an employee has worked, or how much payroll has has cost from one year compared to the previous year—just to name a few items. All this will continue to be available without ever giving two-week’s notice. Having someone in-house process your payroll and bookkeeping could mean not having access to this kind of information if that person leaves the company. With a payroll service these records will remain safe, year-after-year, with no worry about hiring and training a new person in hopes that he or she is able to get up to speed.

|

Share:

Share
Tumblr
Pin it

Schedule Your Free Tax Consultation (480) 664-1249